What Does This Mean for Credit Creation in Real Time?

The S&P flash PMIs should provide an early signal of how manufacturing and services activity are evolving in March. We expect the general trend of existing home sales to remain weak until mortgage rates begin to normalize. And then there is the bigger question. With the current state of banking stress, what does this all mean for credit creation in real time? Is that now just data to the information of the current environment of tighter financial conditions until we get through to April's data round?